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Antero Midstream

Antero Midstream (AM) Q1 2026 Earnings

Reported Apr 29, 2026 at 4:21 PM ET · SEC Source

Q1 26 EPS

$0.29

MISS 3.59%

Est. $0.30

Q1 26 Revenue

$314.2M

BEAT +2.06%

Est. $307.9M

vs S&P Since Q1 26

-1.0%

TRAILING MARKET

AM +2.7% vs S&P +3.6%

Market Reaction

Did AM Beat Earnings? Q1 2026 Results

Antero Midstream posted a mixed first quarter for 2026, edging past revenue expectations while falling short on the bottom line. The midstream operator reported earnings per share of $0.29, missing the $0.30 consensus estimate by 3.59%, even as reven… Read more Antero Midstream posted a mixed first quarter for 2026, edging past revenue expectations while falling short on the bottom line. The midstream operator reported earnings per share of $0.29, missing the $0.30 consensus estimate by 3.59%, even as revenue of $314.21 million beat expectations by 2.06% and grew 1.8% year over year. The earnings shortfall was largely tied to the company's landmark HG Energy acquisition, which closed in early February and brought $8.69 million in transaction expenses alongside a 12% rise in interest expense to $54.03 million from acquisition financing. The deal did reshape operations meaningfully, driving gathering volumes up 14% year over year to 3,805 MMcf/d, while adjusted EBITDA climbed 5% to $288.00 million. Adding some context, insider stock sales by multiple executives under pre-arranged trading plans surfaced around the earnings date. Looking ahead, management expects the HG acquisition combined with its organic growth strategy to deliver high-single digit EBITDA growth, with expanded fresh water delivery capacity anticipated to contribute further gains in 2027 and beyond.

Key Takeaways

  • • Gathering volumes increased 14% year-over-year driven by HG Energy acquisition
  • • Processing and fractionation capacity both 100% utilized
  • • Adjusted EBITDA grew 5% to $288 million
  • • Other water handling volumes increased 61% year-over-year
  • • CPI-based fee adjustments of approximately 1.5%

AM Forward Guidance & Outlook

Management expects the just-in-time organic growth strategy, bolstered by the highly accretive HG Energy acquisition, to continue delivering high-single digit EBITDA growth in the future. Pipeline construction connecting water systems with the acquired HG water system is expected to support additional fresh water delivery volumes and growth in 2027 and beyond.

24/7 Wall St

AM YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

AM Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“Antero Midstream delivered another quarter of volume and EBITDA growth while closing the Company's largest acquisition to-date. Our ability to close the HG acquisition and integrate operations while avoiding any outages during Winter Storm Fern, is a testament to the hard work and dedication of our team.”

— Michael Kennedy, Q1 2026 Earnings Press Release

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